v3.25.4
Accumulated Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of tax effects on components of other comprehensive income (loss) The tax effect for each component of other comprehensive income consisted of the following (in millions of dollars):
Year Ended December 31, 2025
Gross
Amount
Income
Taxes
Net
Amount
Unrealized loss on cash flow hedges
$(71)$26 $(45)
Changes in retirement plans' funded status36 (3)33 
Foreign currency translation(61)— (61)
Share of other comprehensive income of entities using the equity method
23 — 23 
Other comprehensive loss
$(73)$23 $(50)
Year Ended December 31, 2024
Gross
Amount
Income
Taxes
Net
Amount
Unrealized gain on cash flow hedges
$134 $(52)$82 
Changes in retirement plans' funded status15 (12)3 
Foreign currency translation(408)— (408)
Share of other comprehensive loss of entities using the equity method(28)— (28)
Other comprehensive loss
$(287)$(64)$(351)
Year Ended December 31, 2023
Gross
Amount
Income
Taxes
Net
Amount
Unrealized loss on cash flow hedges
$(90)$34 $(56)
Changes in retirement plans' funded status(87)21 (66)
Foreign currency translation40 — 40 
Share of other comprehensive income of entities using the equity method1 — 1 
Other comprehensive loss
$(136)$55 $(81)
Schedule of changes in other comprehensive income (loss)
The changes, net of tax, in each component of "Accumulated other comprehensive income (loss)" consisted of the following (in millions of dollars):
Unrealized
Gain (Loss) on
Cash Flow
Hedges
Change in
Retirement Plans'
Funded 
Status
Foreign 
Currency
Translation
Share of Other
Comprehensive
Income (loss) of
Entities Using
the Equity
Method
Total
Balance at December 31, 2022$46 $(285)$(1,800)$(239)$(2,278)
Other comprehensive income (loss), before reclassifications
(80)(54)37 1 (96)
Amounts reclassified from other comprehensive income24 (12)— — 12 
Other comprehensive income (loss)(1)
(56)(66)37 1 (84)
Balance at December 31, 2023(10)(351)(1,763)(238)(2,362)
Other comprehensive income (loss), before reclassifications37 7 (407)(28)(391)
Amounts reclassified from other comprehensive income45 (4)— — 41 
Other comprehensive income (loss)(1)
82 3 (407)(28)(350)
Balance at December 31, 202472 (348)(2,170)(266)(2,712)
Other comprehensive income (loss), before reclassifications(17)45 (66)23 (15)
Amounts reclassified from other comprehensive income(28)(12)— — (40)
Other comprehensive income (loss)(1)
(45)33 (66)23 (55)
Balance at December 31, 2025$27 $(315)$(2,236)$(243)$(2,767)
 
(1)Excluded from the table above is other comprehensive (income) loss allocated to noncontrolling interests of $5 million, $(1) million and $3 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Schedule of reclassification of accumulated other comprehensive income (loss)
The following table summarizes the gross impact of changes in the fair value of derivatives designated as cash flow hedges on "Accumulated other comprehensive loss" and "Net income" during the year ended December 31, 2025, 2024 and 2023 (in millions of dollars):
Recognized in Net Income
For the Years Ended December 31,
(Gains) Loss Recognized in Accumulated Other Comprehensive Loss
Classification of Gain (Loss)
(Gains) Loss Reclassified from Accumulated Other Comprehensive Loss into Income
2025
Foreign exchange contracts$(3)Net sales$(4)
Cost of goods sold19 
Other, net(4)
Interest expense, net28 
Interest rate contracts(29)
Total$(32)$39 
2024
Foreign exchange contracts$(17)Net sales$(9)
Cost of goods sold(18)
Other, net4 
Interest expense, net(25)
Interest rate contracts103 
Total$86 $(48)
2023
Foreign exchange contracts$(35)Net sales$(7)
Cost of goods sold(33)
Other, net7 
Interest expense, net6 
Interest rate contracts(82)
Total$(117)$(27)
Significant amounts reclassified out of each component of "Accumulated other comprehensive income (loss)" at December 31, 2025 and 2024 consisted of the following (in millions of dollars):
Amount Reclassified from Other
Comprehensive Income (Loss)
Consolidated Statement
of Operations line
Year Ended December 31, 2025Year Ended December 31, 2024
Cash flow hedges$4 $9 Net sales
(19)18 Cost of goods sold
4 (4)Other, net
(28)25 Interest expense
11 (3)Income taxes
(28)45 
Change in retirement plans' funded status:
Amortization of actuarial losses20 19 
(1)
Amortization of prior service credit
(27)(24)
(1)
Curtailment of prior service credit
(6)0 
(1)
1 1 Income taxes
(12)(4)
Total reclassifications, net of tax$(40)$41 
 
(1)These amounts are included in net periodic pension and other postretirement benefit cost. See "Note 13: Employee Benefit Plans and Postretirement Benefits" for additional information.